Textiles and Apparel March 220313

Textiles and Apparel
2013
MARCH
For updated information, please visit www.ibef.org

Contents
Advantage India Market overview and trends Growth drivers
2013
MARCH
Success stories: Raymond, Alok Industries Opportunities Useful information

Advantage India
Robust demand
2013
MARCH
Increasing investments
2021E
Market Value: USD223 billion
Increased penetration of organised retail, favourable demographics ,and rising income levels to drive textile demand Growth in building and construction will continue to drive demand for nonclothing textiles
Over USD35 billion of investments have been made in the textile and clothing sector during the last four years, with the cotton textile segment accounting for around 75 per cent
Advantage India
Policy support
Competitive advantage
Abundant availability of raw materials such as cotton, wool, silk and jute India enjoys a comparative advantage in terms of skilled manpower and in cost of production relative to major textile producers
100 per cent FDI (automatic route) is allowed in the Indian textile sector SITP was approved in July 2005 to facilitate setting up of textiles parks with world class infrastructure
2011
Market Value: USD89 billion
Free trade with ASEAN countries will boost exports
Source: Technopak, Aranca Research Notes: SITP - Scheme for Integrated Textile Park, FDI - Foreign Direct Investment, 2021 E - Estimated figure for 2020; ASEAN - Association of Southeast Asian Nations
ADVANTAGE INDIA

Contents
2013
MARCH

Evolution of the Indian textile sector
2013
MARCH
2000 onwards
1951-2000 NTC started selling few mills to private businesses in 2005 SITP was implemented to facilitate setting up of textile units with appropriate support infrastructure Post MFA cotton prices are aligned with global prices Technical textile industry will be a new growth avenue
1901-50
Number of mills increased from 178 1854-1900 in 1901 to 417 in 1945 Out of 423 textile mills of the undivided India, The first cotton India received 409 textile mill of after partition and Mumbai was the remaining 14 established in 1854 The first cotton mill went to Pakistan of Ahmedabad was found in 1861; it emerged as a rival Notes: NTP - National Textile Policy, NTC - National Textiles Corporation, TUFS - Technology Upgradation Fund Scheme, TMC - Technology Mission on Cotton centre to Mumbai MARKET OVERVIEW AND TRENDS 5 For updated information, please visit www.ibef.org
In 1999, TUFS was set up to provide easy access to capital for technological upgradation TMC was launched to address issues related to low productivity and infrastructure In 2000, NTP was announced for the overall development of the textile and apparel industry

Segments in the textile and apparel sector
2013
MARCH
The textile and apparel industry can be broadly divided into two segments:
Yarn and fibre (including natural and man-made fibre as well as yarn)
Processed fabrics (including woolen textiles, silk textiles, jute textiles, cotton textiles and technical textiles), readymade garments (RMGs) and apparel
Key segments of the textile industry
Process
Raw material Cotton, jute, silk, wool
Ginning
Spinning
Weaving/ Knitting
Processing
Garment/ Apparel production Final garment/ Apparel
Output
Fibre*
Yarn
Fabric
Processed fabric
Yarn and fibre segment
Woollen textiles Silk textiles Jute textiles Technical textiles
Source: Aranca Research Note: * - Including cotton, jute, silk, wool and manmade fibres
MARKET OVERVIEW AND TRENDS

Key Facts
2013
MARCH
The fundamental strength of the textile industry in India is its strong production base of wide range of fibre / yarns from natural fibres like cotton, jute, silk and wool to synthetic /man-made fibres like polyester, viscose, nylon and acrylic India is the worlds second largest producer of textiles and garments Indian textile industry accounts for about 24 per cent of the worlds spindle capacity and eight per cent of global rotor capacity
India has the highest loom capacity (including hand looms) with 63 per cent of the worlds market share
India accounts for about 14 per cent of the worlds production of textile fibres and yarns (largest producer of jute, second largest producer of silk and cotton; and third largest in cellulosic fibre)
Source: Textile Ministry, Aranca Research

The sector has been posting healthy growth over the years
Textile plays major role in the Indian economy
2013
MARCH
India's textile market size (USD billion)

223
It accounts for 27 per cent of foreign exchange inflows It has a share of 14 per cent in industrial production It is the largest source generation in the country of employment
70 78 89
The size of the Indian textile market in 201 1 was USD89.0 billion; the market is expected to record a CAGR of 10.1 per cent over 2009-21
2009
2010
2011
2021E
Source: Technopak, Ministry of Textiles, Aranca Research Note: CAGR - Compound Annual Growth Rate, E - Estimated

Market share: Apparel has the larger share
Apparel constitute a large share in the overall sector
2013
MARCH
Shares in Indias textile and apparel sector in 2011
In 201 1, apparel had a share of 69 per cent of the overall market; textiles contributed the remaining 31 per cent
31%
To improve technical skills in Apparel industry government established 75 Apparel training and design centre across India National Institute of Fashion Technologies played pioneering role in growth of Apparel industry and exports To promote Apparel exports 12 locations has been approved by the government to set up Apparel parks for exports
69%
Apparel Textile
Source: Technopak, Aranca Research Note: NIFT - National Institute of Fashion technology

Cotton production over the past few years has been volatile
Production of raw cotton grew to 35.3 million bales in FY12, up from about 28.0 million bales in FY07 During this period, the CAGR in production was 4.7 per cent; annual growth in FY12 was at 4.1 per cent Of the total amount of raw cotton produced in the country, 25 million bales were used up in domestic consumption while 8.5 million bales were exported
Note: CAGR - Compounded Annual Growth Rate one Bale - 217.7 kilo gram P - Data for FY12 is provisional
2013
MARCH
Production of raw cotton (million bales)
35.3 33.9 30.7 28.0 30.5
29.0
FY07
FY08
FY09
FY10
FY11
FY12P
Source: Ministry of Textiles, Aranca Research
Raw cotton and man-made fibres are the major segments in this category Raw wool and raw silk are the other components - their production levels are much lower
10

Production of manmade fibre has also been rising
2013
MARCH
Production of man-made fibre has also been on an upward trend
Production of man-made fibre (million tonnes)

1.268 1.285 1.230
Production stood at 1.230 million tonnes in FY12 with the figure reinforcing a recovery from 2009 levels
1.139
1.244
1.066
FY07
FY08
FY09
FY10
FY11
FY12P

Note: P - Data for FY12 is provisional
11

Cotton is the major segment in both yarn and fabric (1/2)
Production of yarn grew to 5.8 million tonnes in FY12 from 5.2 million tonnes in FY07, a CAGR of 2.4 per cent Cotton yarn accounts for the largest share in total yarn production; in FY12 the segments share amounted to 53.6 per cent
2013
MARCH
Production of yarn (million tonnes)
1.5 1.4 1.0 1.5 1.1 1.4 1.0
1.5
1.1
1.5
1.2
1.2
2.8
2.9
2.9
3.1
3.5
3.1
FY07
FY08
FY09
FY10
FY11
FY12P
Cotton Yarn
Other Spun Yarn
Manmade Filament Yarn

12

Cotton is the major segment in both yarn and fabric (2/2)
Fabric production rose to 61,364 million sq. metres in FY12 from 52,665 million sq. metres in FY07, a CAGR of 3.1 per cent The major segment is cotton yarn which accounted for 50 per cent in FY12
2013
MARCH
Fabric production (million sq mtr)
6,882 19,545
6,888 21,173
7,767 6,766 20,534 23,652
8,278
22,563
8,394 22,377
26,238
27,196
26,898
28,914
31,718
30,593
FY07
FY08
FY09
FY10
FY11
FY12P
Cotton
100% Non Cotton
Blended

Notes: Sq Mtr is Square meter, P - Data for FY12 is provisional
13

Exports have posted strong growth over the years
Exports have been a core feature of Indias textile and apparel sector, a fact corroborated by trade figures Exports grew to USD33.2 billion in FY12 from USD17.6 billion in FY06, a CAGR of 1 1.2 per cent
2013
MARCH
India's textile trade (USD billion)

33.2
27.8 19.1 17.6 22.1 21.2 22.4
FY12 was a particularly good year for the sector with exports shooting up by an annual rate of 19.4 per cent
3.3 2.7 FY06 2.8 FY07
3.5
3.4
4.2
5.2
FY08 FY09 FY10 Exports Imports
FY11
FY12P

14

Readymade garments and cotton textiles dominate exports
Readymade garments was the largest contributor to total textile and apparel exports from India in FY12*; the segment had a share of 39 per cent Cotton and man-made textiles were the major contributors with shares of 34 per cent and 17 per cent, respectively
2013
MARCH
Shares in Indias textile exports (FY12)

Readymade Garment Cotton Textiles 39% Man-made textiles Handicrafts Silk & Handloom 34% Woolen & others
3% 17%
3% 4%
Source: Ministry of Textiles, Aranca Research Note: Others include coir & coir manufacturers and jute
15

Key players in the industry
2013
MARCH
Company
Welspun India Ltd
Business areas
Home textiles, bathrobes, terry towels
Vardhman Group
Yarn, fabric, sewing threads, acrylic fiber Home textiles, woven and knitted apparel fabric, garments and polyester yarn Worsted suiting, tailored clothing, denim, shirting, woollen outerwear Spinning, weaving, processing and garment production (denims, shirting, khakis and knitwear)
Alok Industries Ltd
Raymond Ltd
Arvind Mills Ltd
Bombay Dyeing & Bed linen, towels, furnishings, fabric for suits, Manufacturing Company shirts, dresses and saris in cotton and Ltd polyester blends Garden Silk Mills Ltd Dyed and printed fabric
Source: Annual Reports, Aranca Research
16

Notable trends in the Indian textile sector
2013
MARCH
The Ministry of Textiles is encouraging investments through increasing focus on
Increasing investment in TUFS
schemes such as TUFS and cluster development activities

Investments under TUFS increased to USD600 million in FY11, with spinning
accounting for the largest share
Multi-Fibre Arrangement (MFA)
With the expiry of MFA in January 2005, cotton prices in India are now fully
integrated with international rates
Public-Private Partnership (PPP)
The Ministry of Textiles commenced an initiative to establish institutes under the
public-private partnership (PPP) model to encourage private sector participation in the development of the industry
Technical textiles, which has been growing at around twice the rate of textiles for
Technical textiles
clothing applications over the past few years, is now expected to post a CAGR of 20 per cent over FY11-17
17

Contents
2013
MARCH
18

Strong demand and policy support driving investments
2013
MARCH
Growing demand
Policy support Strong

government support
Increasing investments
Rising demand in exports

Inviting
100 per cent FDI in textile sector

Resulting in
Growing domestic and foreign investments
Increasing demand in domestic market
Government setting up SITPs and Mega Cluster Zones
Commitment of USD140 billion of foreign investments
Growing population driving textile demand
Increasing loans under TUFS
Government investment schemes (TCIDS and APES)
Source: Ministry of Textiles, Aranca Research Note: TCIDS - Textile Center Infrastructure Development Scheme, APES - Apparel Park for Exports Scheme
GROWTH DRIVERS
19

Continued support to the textile sector by the government in the FY13 budget
2013
MARCH
Automatic shuttleless looms fully exempted from basic customs duty of 5 per cent
Stress on mechanisation
Automatic silk reeling and processing machinery as well as its parts exempted from basic customs duty
Financial package of INR38.8 billion (USD809 million) for waiver of loans for handloom weavers and their cooperative societies
FY13 Union Budget
Mega handloom clusters to be set up in Andhra Pradesh and Jharkhand

Power loom mega cluster to be set up in Maharashtra Three Weavers Service Centres (one each in Mizoram, Nagaland and Jharkhand) to be set up for providing technical support to poor handloom weavers
GROWTH DRIVERS
INR5.0 billion (USD100 million) pilot scheme announced for promotion and application of geotextiles in the North Eastern Region
Financial package
Infrastructure support
20

Changing demographics has also contributed significantly to the sector
2013
MARCH
By 2010, Indias population had close to doubled compared to figures 30 years before
Indias population in billions

1.31
The IMF expects Indias population to touch 1.31 billion by end-2017

1.02
0.84
1.19
Indias growing population has been a key driver of textile consumption growth in the country It has been complemented by a young population which is growing and at the same time is exposed to changing tastes and fashion
0.68
Complementing this factor is rising female workforce participation in the country
1980
1990
2000
2010
2017F
Source: IMF, Aranca Research

Note: F - Forecasts
GROWTH DRIVERS
21

Rising incomes and a growing middle class have been the key demand drivers
2013
MARCH
Rising incomes has been a key determinant of domestic demand for the sector; with incomes rising in the rural economy as well, the upward push on demand from the income side is set to continue A rising middle class has also aided demand growth for the sector; the size of the middle class is forecasted to rise to 550 million by 2025 from more than 50 million in 201 1
Trends in per-capita income in India
3,000 2,500 2,000 1,500 1,000 500 0
2000 2002 2004 2006 2008 2010 2012F 2014F 2016F
Changing economic fortunes by income segments

30% 25% 20% 15%
70 60 50 40 30
million households
Aspirers:
10%
5%
annual income INR90,000 200,000

Deprived
Seekers: annual income INR200,000 500,000 Strivers:
annual income INR500,000 1,000,000

Globals:
20
0% -5%
10
0
annual income <INR90,000
annual income >INR1,000,00 0

2010 2015 2020 2025
2005
Per capita income, USD, LHS
Annual growth rate, RHS
Strivers
Seekers
Deprived
Source: IMF, McKinsey Quarterly, Aranca Research

Notes: E - Estimates, F - Forecasts
GROWTH DRIVERS
22

Exporters gaining from strong global demand
2013
MARCH
Capacity built over years has led to low cost of production per unit in Indias textile industry; this has lent a strong competitive advantage to the countrys textile exporters relative to key global peers
Growing textile exports from India (USD billion)

33.2 27.8 22.2 19.2 21.1 22.4
The sector has also witnessed increasing outsourcing over the years as Indian players moved up the value chain from being mere converters to vendor partners of global retail giants
The strong performance of textile exports is reflected in the value of exports from the sector over the years; In FY12, textile exports jumped by 19.4 per cent to USD33.2 billion In the coming decades, Africa and Latin America could very well turn out to be key markets for Indian textiles
FY07
FY08
FY09
FY10
FY11
FY12P
GROWTH DRIVERS
23

Technical textile industry - A new arena of growth
2013
MARCH
The major service offerings of the technical textile industry include thermal protection and bloodabsorbing materials, seatbelts and adhesive tapes Technical textile industry market is expected to expand at a CAGR of 20 per cent during FY1 1-17 to reach a value of USD31.4 billion in FY17 from USD12.6 in FY1 1
Technical Textile Industry (USD billion)

31.4
12.6
Healthcare and infrastructure sector are the major drivers of the technical textile industry The government has also supported the technical textile industry during the Union Budget of FY13 with an allotment of USD1 billion for the SMEs in the sector and an exemption in custom duty for raw materials used by the sector
Note: SME - Small and medium enterprises
FY11
FY17E
Source: Ministry of Textiles, Techtextil , Aranca Research
GROWTH DRIVERS
24

Policy support has been a key ingredient to growth
2013
MARCH
Technology Upgradation Fund Scheme (TUFS)
TUFS infused an investment of more than USD43 billion until June 2010; another
USD3.3 billion has been allocated for the 12th Five Year Plan
Investment was made to promote modernisation and upgradation of the textile
industry by providing credit at reduced rates

The policy was introduced for the overall development of textile industry
Key areas of focus include technological upgrades, enhancement of productivity,
National Textile Policy - 2000
product diversification and financing arrangements
Foreign Direct Investment
FDI of up to 100 per cent is allowed in the textile sector through the automatic
route
Scheme for Integrated Textiles Parks (SITP)
SITP was set up in 2005 to provide necessary infrastructure to new textile units;
under SITP, 40 projects (worth USD900 million) have been sanctioned

The planned outlay for the textiles and apparel sector under the 11th Five Year Plan
(20012-17) was USD2.9 billion

GROWTH DRIVERS
25

Textile SEZs in India
2013
MARCH
Name of SEZ and status
State
Area (hectares)
Sector
Details
Mahindra City is Indias first integrated business city, divided into business and lifestyle zones. It is a cluster of three sector specific SEZs in Tamil Nadu, for apparels and fashion accessories; IT and hardware; and auto ancillary. The business zone provides plug-n-play working spaces. This zone comprises a SEZ (primarily for exporters) and domestic tariff area (DTA) for companies targeting domestic market Key industrial units include Safari Exports, Venus Garments, Benchmark Clothings, P. K. International, Tormal Prints, J.R. Fashion and Ganga Export BIAC is an integrated apparel supply chain city, managed by Brandix Lanka Ltd. It aims to be a end-to-end apparel solution provider
Mahindra City SEZ (Functional) Surat Apparel Park (Functional) Brandix India Apparel City (BIAC) (Functional) (KIADB) (Functional)
Tamil Nadu
607.1
Apparel and fashion accessories
Gujarat
56.0
Textiles
Andhra Pradesh
404.7
Textiles
Karnataka
16129.0
Karnataka Industrial Areas Development Board (KIADB) is a wholly Several sectors owned infrastructure agency of Government of Karnataka. Till date, KIADB has formed 132 industrial areas spread all over the state
Source: Aranca Research Note: KIADB - Karnataka Industrial Areas Development Board, SEZ - Special Economic Zone
GROWTH DRIVERS
26

Key textiles and apparel zones in India
NORTH: Kashmir, Ludhiana and Panipat account for 80 per cent of woollens in India
2013
MARCH
EAST: Bihar for jute, parts of Uttar Pradesh for woollen and Bengal for cotton and Jute industry
WEST: Ahmedabad, Mumbai, Surat, Rajkot, Indore and Vadodara are the key places for cotton Industry SOUTH: Tirpur,Coimabtore and Madurai for hosiery. Bengaluru, Mysore and Chennai for Silk
Major Textile and Apparel zones
Source: Aranca Research, Note: All figures as of 2011-12
GROWTH DRIVERS
27

M&A activity up in the sector
2013
MARCH
M&A activity in the sector has been picking up pace over the years; in fact, within January 2000 to June 201 1, 482 M&A deals took place and the trend has continued in FY12 as well The six major M&A deals* are listed below M&A scenario - details Period: 1 January 2000 to 1 September 2012 Top 6 deals
1
Acquirer Name
Madura Garments
Target Name
Pantaloon Retail
Deal size (USD million)

333.3
2
3 4 5 6
Himachal Fibres
BR Machine Tools Pvt Ltd Group of investors M C Spinners Pvt. Ltd Grasim Industries
Balmukhi textiles Pvt Ltd.

Bombay Rayon Fashions Ltd Provogue (India)Ltd Maxwell Industries Terrace Bay Pulp
NA
721.1 526.9 8.47 360
Sources: M&A, Thompson ONE Banker, Grant Thornton, CMIE, Aranca Research
Notes: * - The value for 290 deals were not disclosed
GROWTH DRIVERS
28

Foreign investments flowing into the sector
2013
MARCH
100 per cent FDI is approved in the sector Cumulative FDI in the sector during April 2000 to August 2012 stood at USD1.2 billion The textiles industry in India is experiencing a significant increase in collaboration between global majors and domestic companies
Trends of FDI in textile industry (USD million)

190 160 130 90 140 129 165
International apparel giants like Hugo Boss, Liz Claiborne, Diesel, Kanz and many others have already started operations in India
40 9 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
Source: Ministry of Commerce and Industry, Aranca Research
GROWTH DRIVERS
29

Contents
2013
MARCH
30

Raymond: A long journey of success
Retail
2013
MARCH
JV with GAS in India - 2007
Furnishings Iron making and castings Corporate wear Alloy steel Capacity of 40 MM - 1996
Acquisition of ColorPlus - 2002
FY12 USD758 million turnover
Woollen Wheel,outerwear tyre and axle plant (railways) Apparels
Organic growth in textiles 1964 Vertical integration in multifibres

1925 1958 1964 1968 1990
1980 Transformed into industrial conglomerate
670 outlets currently and plans to add another 500 outlets by 2015
2006 2007 2008 2010 2011 2012
Fabrics
1996
2000
2002
SUCCESS STORIES: RAYMOND, ALOK INDUSTRIES
31

Alok Industries: Integrated textile solutions
Polyester Yarn
2013
MARCH
Plans to enter in technical textiles and special textiles market JV with NTC 2008
Home Textile Iron making and castings Garments - Woven & Knitted Alloy steel Organic growth in textiles Embroidery Wheel, tyre and axle plant (railways) Apparel Fabric
Acquisition of QS to gain retail holding in the UK - 2007

FY12 USD1.8 billion turnover
2007 ISO Accreditations
1995* Financial and technical collaboration through JV
Cotton and Blended Yarn
1986
1988
1990
1992
1993
1995
2003 2004 2006 2007 2008
2010
2011
2012
Notes: NTC - National Textile Corporation *In 1995 Alok industries had sets up financial and technical collaboration with Grabal, Albert Grabher GmbH & Co of Austria to make embroidered products through a joint venture company, Grabal Alok Impex Ltd
SUCCESS STORIES: RAYMOND, ALOK INDUSTRIES
32

Contents
2013
MARCH
33

Opportunities (1/2)
2013
MARCH
Immense growth potential
Private sector participation in silk production
Proposed FDI in multi-brand retail
The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand
The Central Silk Board sets targets for raw silk production and encourages farmers and private players to grow silk
For the near term (2012), the sector is valued at USD110 billion by the Confederation of Indian Textile Industry (CITI)
Estimates by the Alok Industries Ltd put the sector market value at USD220 billion by 2020
To achieve these targets, alliances with the private sector, especially major agro-based industries in precocoon and post-cocoon segments has been encouraged
For the textile industry, the proposed hike in FDI limit in multi-brand retail will bring in more players, thereby providing more options to consumers It will also bring in greater investments along the entire value chain - from agricultural production to final manufactured goods With global retail brands assured of a domestic foothold, outsourcing will also rise significantly
OPPORTUNITIES
34

Opportunities (2/2)
Retail sector offers growth potential
With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with several international players like Marks & Spencer, Guess and Next having entered Indian market The organised apparel segment is expected to grow at a compound annual growth rate (CAGR) of more than 13 per cent over a 10-year period
2013
MARCH
Centers of Excellence (CoE) for research and technical training
Foreign investments
The CoEs are aimed at creating testing and evaluation facilities as well as developing resource centres and training facilities Existing four CoEs, BTRA for Geotech, SITRA for Meditech, NITRA for Protech and SASMIRA for Agrotech, would be upgraded in terms of development of incubation centre and support for development of prototypes Fund support would be provided for appointing experts to develop these facilities
The government is taking initiatives to attract foreign investments in the textile sector through promotional visits to countries such as Japan, Germany, Italy and France
Notes: BTRA - The Bombay Textile Research Association; SITRA - South India Textile Research Association, NITRA - Northern India Textile Research Association, SASMIRA - Synthetic & Art Silk Mills Research Association
OPPORTUNITIES
35

Contents
2013
MARCH
36

Industry Associations
2013
MARCH
The Textile Association (India) (TAI) 72-A, Santosh, Dr M B Raut Road, Shivaji Park, Dadar, Mumbai - 400 028 Telefax: 91-22-24461 145 Website: www.textileassociationindia.org The South India Textile Research Association (SITRA) 13/37, Avanashi Road, Coimbatore - 641 014, Tamil Nadu Phone: 91-422-2574367, 6544188, 4215333 Fax: 91-422-2571896, 4215300 E-mail: sitraindia@dataone.in Website: www.sitra.org.in Northern India Textile Mills Association (NITMA) 121, Gagandeep Building (First Floor), 12, Rajendra Palace, New Delhi - 1 10 008 E-mail: nitma@vsnl.net, nitma@airtelmail.in Website: www.nitma.org
USEFUL INFORMATION
37

Glossary (1/2)
2013
MARCH
BTRA: Bombay Textile Research Association
CAGR: Compound Annual Growth Rate

FDI: Foreign Direct Investment FY: Indian financial year (April to March) GOI: Government of India INR: Indian Rupee NITRA: Northern India Textile Research Association NTC: National Textiles Corporation NTP: National Textile Policy SASMIRA: Synthetic & Art Silk Mills Research Association SEZ: Special Economic Zone SITP : Scheme for Integrated Textile Park
USEFUL INFORMATION
38

Glossary (2/2)
2013
MARCH
SITRA: South India Textile Research Association
TUFS: Technology Upgradation Fund Scheme

TMC: Technology Mission on Cotton USD: US Dollar
Conversion rate used: USD1= INR48
Wherever applicable, numbers have been rounded off to the nearest whole number
USEFUL INFORMATION
39

Disclaimer
2013
MARCH
India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of Aranca and IBEFs knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.
DISCLAIMER
40

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Textiles and Apparel

For updated information, please visit www.ibef.org